Real estate is generally a great investment option. But it is very volatile and one should be crystal clear while investing into this sector. Here are some points which will definitely help you while taking the plunge.
1. Check for the Market Conditions
As the Real Estate Market keeps on flickering, one should invest smartly to have a good return for the investment. Analyse the uncertainty i.e. ups and downs of market and invest only when the market is in favor of the investors.
2. Know your limitations
Always be aware of your financial limitations. Have a proper planning for saving and loan repayment like Budgeting, Tracking, and Prioritizing will help you in long term loan repayment and minimizing interest on home loans.
Have consultations with the property advisor and experts on how you can achieve your desired goals.
3. Government Schemes and Plans
The Australian government offers a grant scheme to reward first time home buyers as part of the First Home Owner Grant. So always have a check on the government official websites to take advantages of the government schemes and plans. Some of the Popular Schemes launched by Australian Government are as follows
MoneySmart (by Australian Securities and Investments Commission) Provides information to guide you through the basic principles of investing and how to find a good financial adviser.
Reformation of Stamp Duty: The ACT are abolishing stamp duty for first home buyers with an annual household income of $160,000 or less. The scheme also sees the abolition of the $7000 first homeowners grant. Of course, the ACT is several years into its 20-year plan to abolish stamp duty altogether in favour of higher council rates and land taxation. (The Daily Telegraph)
According to the News Corp Australia- Government plans to pay landlords to make them offer affordable rental properties. The media says “LANDLORDS will be paid up to $13,000 a year and guaranteed 12 months rent if they make their houses available to low-income Tasmanians under a new state government scheme.”
So People should be aware of the plans and take advantage to the fullest.